What is a Mock Exam?
A mock exam is an exam with content, preparation, duration, writing conditions and grading that closely mimics the real exam. It is usually done by a candidate few days to the exam, to test for preparedness, proficiency and as a marker to indicate the chances of the candidate actually passing the real exam. It also helps the candidate get familiar with the procedures, modalities, question formats and general pattern of the exam.
Overview of the CFA Exam.
The CFA exam comprises of three levels including:
Level I: This level tests whether a candidate has sufficient knowledge and understanding of the ethical and professional standards of financial analysis. Questions in this level cover basic knowledge and comprehension, with concentration on the various tools of investment. A few of the questions here also require some analysis to be done.
Level II: This exam level examines how the candidate applies ethical and professional standards to real life situations that are faced by financial analysts. The questions in this level lay more emphasis on analysis that is more complex, while focusing on the valuation of assets.
Level III: This level of the CFA exam program tests how a candidate applies ethical and professional standards in a situation of compliance and management of portfolio. This exam level requires formation/creation of the various analytical methods and concepts in different ways of application, for the purpose of adequate/proper management of portfolio and planning of wealth.
The general context of the questions in each level is very similar for all candidates taking a particular level. The questions cover the standard curriculum. However, there are variations in the approach and structuring of the questions, unique for each candidate.
The content of exam, core learning areas and question structure get more complex and difficult from level I to III, in that order.
These exams are taken annually by different candidates at various test centers/locations around the world, on the first Saturday in the month of June of a particular year. The level I exam is also taken in December of the same year; meaning level I exams are conducted twice a year; one in June and another in December. This option is not available for levels II and III.
The three exams – level I to level III – must be passed sequentially, that is, a candidate must have successfully passed level I exam in order to be able to take level II, and must also successfully pass level II exam to be able to sit for level III.
All three exam levels of the program are only available in English with no option for taking the exams in any other language. Ability to take the exams in other popular languages in the future is however possible, as determined by the examining body.
CFA Mock Exams
The chartered financial analyst (CFA) mock exam is not offered by the examining body (CFA Institute) to every candidate that registers for the exam. However, you can find sample CFA mock exams done by industry experts such as at https://analystprep.com/cfa-level-1-mock-exams/
Location: in the comfort of your own home.
Format: the mock exam follows the same timing and structure of the real exam, with almost the same curriculum concentration and level of difficulty of the actual exam to be taken.
Proper time to take it: a candidate should take the mock exam when he/she feels almost or fully prepared to take the real exam.
Benefits/Why you should take it: to test just how much a candidate really knows and to also know how much more preparation is needed before the real exam date.
After the mock exam: correct answers to questions, brief explanations and some curriculum references will be shown to the candidate after completing the mock exam.